banks continue to get their way the new york federal reserve bank is now in the middle of a lawsuit filed by a former employee carmen sahara who claims that the new york fed fired her after she refused to falsify documents that if left untouched would have exposed illegal practices at goldman sachs some of the new york fed's most powerful executives are former goldman employees and in many people's severe as case looks like yet another example of regulators looking out for banks toure's instead of looking out for the american people. break all this down i'm joined now from our los angeles studios by richard aska senior fellow at the campaign for america's future rich or welcome back it's always good to be here tom thanks thanks for joining us richard let me let me by the way i meant to mention in the set up that you guys have this big gala dinner coming up here and in washington d.c. in november and it's really really worth checking out get over to to. the web site our future dot org right right there thank you so let's start off with j.p. morgan this is the largest fine ever placed on a bank do you think jamie dimon cares at all i mean he's now facing ja

first guy worked at the new york fed. y chaired the president's economic advisers, the third shared the president's economic advisers and was on the board of the fed. that's the experience of the three guys who have done this before. now, here is the person who president obama has just nominated to do it next. and she's not a guy. janet yellin, who would be the first woman to chair the federal reserve ever. on paper at least, she is more qualified for the job than anyone in modern history. volcker ran the new york fed for four years. she ran the san francisco fed for six years. greenspan and bernanke ran the the economic advisers. yeah, she did that, too, to two years. also, she did three years on the fed board of governors and she's vice chair there now as well and she also worked as an economist. back in the day. the day before janet yellin was announced as president obama's nominee, "the washington post's" economic policy blog told her perhaps the most qualified fed chair in history. yeah, she predicted the financial cr

they fired her and immediately escorted her from the building in a statement the new york fed responded to the incident by saying that the institution provides quote multiple venues and layers of recourse for its employees to freely express concerns personnel decisions are based exclusively on job performance and are subject to thorough review we categorically reject any suggestions to the contrary in an interview assert our as lawyer reiterated her client's wrongful termination and added that bank examiners need to be able to operate without fear of retaliation and will continue to follow the story and that does it for now for more on the stories we covered today go to youtube dot com slash r t america and check out our web site r t dot com slash usa you can also follow me on twitter at amir and david see you right back here at eight pm thanks for watching. dramas that big no war two. story others. say since changing the world like. to make sure. it's a good. deal. done. mission . accreditation three pounds for charges free. range month free. free studio time free. download free blog c

there is a legality whether the fed and the treasury and the new york fed at the time, that is why they are involved had the legal authority to do exactly what they did. this is being fought out in court. liz: twitter, inside the nasdaq very concerned it was not chosen. when it came to what is going to be the listing for the company's share. >> a huge deal. liz: he is going to discuss this with us as well. let's hear from charlie first to get a sense of where he stands on this because you look very closely at the exchanges. >> i look at it from a business standpoint. this is a big loss for nasdaq. the nasdaq as we reported did a pretty interesting story last friday about how the nasdaq made a last-ditch effort to push twitter to understand what is the value proposition of the nasdaq which is trading in the nasdaq 100 which there is an automatic autumn floor to how far the stock was going to go down because you are with apple and everyone else. they could not use that, they could not overcome negativity from the problematic facebook ipo and the latest glitch to overcome that. twitter doe

volcker ran the new york fed for four years. she ran for six years. yeah, she did that, too. two years. also, she did three years on the fed board of governors and she's vice chair there now as well and she also worked as an economist. the day before janet yellin was announced as president obama's nominee, "the washington post's" economic policy blog told her perhaps the most qualified fed chair in history. yeah, she predicted the financial crisis when other people were -- it and yes, she would be the first woman ever at the fed, but brass tax, you're all that, she is more qualified tr the job than any of the men who have gone before her in modern times. so, republican senator rand paul of kentucky today said that he would put a hold on her nomination next week. released this new weird audio message that has videos saying that his fight to stop janet yellin will be the fight of our lives. everybody needs to join this fight against the most qualified person to ever be nominated for that job. that said, he pledged to block the janet yellin nomination is only start. the other has

you like -- that did include both the board staff in washington, members of the board, and the new york fed a number of possible scenarios for market disruption, financial market disruption. schoumacher: on october 19, 1987, greenspan got an unwelcome opportunity to test his plans. the market fell 508 points, more than five times greater than the 1929 drop which precipitated the great depression. many investors faced total financial ruin. there was a clear picture of an impending problem of monumental proportions. so there was -- it was a fascination. it was like watching a car accident that was happening right on your block. schoumacher: the business of buying and selling stocks is based on confidence. by tuesday morning, october 20, confidence had fled. what were people afraid of? we asked economic forecaster nariman behravesh. the specter of a 1929-style depression loomed very large for the markets and for the federal reserve. i think the kind of scenario the fed was most worried about was that people had borrowed a lot to finance purchasing stock as the stock market rose. as it crashed,

in a statement, the new york fed responded to the incident by saying that the institution provides multiple venues and players a recourse for its employees to freely express concerns. personnel decisions are based exclusively on job performance and are subject to thorough review. they rejected any suggestions to the contrary. in an interview her lawyer reiterated the wrongful termination and added examiners need to be able to operate without fear of retaliation. we will continue to follow the story. that doesn't for now. for more on the stories we covered today, go to youtube.com/rtamerica and check out our website and you can all of me on twitter. see you back here at 8:00 p.m. thanks for watching. captioned by the national captioning institute --www.ncicap.org-- >>> hello, you're watching "newsline." i'm keiko kitagawa in tokyo. >>> the global watchdog dedicated to the elimination of chemical weapons is the winner of this year's nobel peace prize. the organization for the prohibition of chemical weapons is based in the hague. opcw experts are currently in syria dismantling the country's s

morgan diamond was going to the white house he was having dinner with the new york fed president he was beloved he was seen as the leader of the fortress balance sheet that nobody else really had at the time so yes i think he was given under the table wink in understanding that yes we're not going to go after you but of course things turned don't they we didn't think we'd have five years observe and i'm sure jamie dimon didn't think he would be answering for bear stearns and washington mutual losses but hey fair is fair fair is fair is now shifting gears a little bit but still keeping with the same j.p. morgan theme the bank just sold its one chase manhattan was it to the investment arm of china's biggest industrial group now the price tag was seven hundred twenty five million dollars it's quite a bit but what's more interesting is what's in the basement and that right bob thanks to zero hedge for doing most of the heavy digging here this is the vault in the but in the in the basement here it's five stories deep and it is imbedded in the bedrock of manhattan with steel rods why would th

check before he became treasury secretary, and ti and tim geith, asleep at switch as a head of new york fed, he is now. this is perversity. neil: great job, it is amazing. charlie. thank you. >> in the meantime, whether you can fight the government on something like that, that depends on whether you are well heeled client like you know jpmorgan chase or you just accept it and move on. ashbly, what do you think happens now and whether individuals have a chance of getting some of this money. >> well, i think that real question is whether or not the government lied when they basically said they were going to assume the risk. they went in there and they asked for j.p. morgan to buy wamu, and said we'll absorb the liabilitiy and indemnity fi you. neil: they figure here is my chance to be made whole, i will be able to get back some of my flesh, can they? >> it is unlikely, a lot of the money, that is supposed to be given to people in settlement is eaten in litigation cost, you find out a lot of times class-action lawsuit you get back a small check like 69-cents, it is hard to tell. but a settleme

wants to take it of course at the new york fed for many years as vice president. what do you believe janet yellen will do, what do you believe she should do? are they two different things? >> she becomes chairman of the board. liz: here is the president, let's listen in. president obama: good afternoon. america has fought its way back from the worst recession since the great depression. we passed historic reforms to prevent another crisis and to protect consumers. our businesses have created 7.5 million new jobs. our housing market is rebounding, and you factoring is growing, the auto industry has come roaring back and we have cut the deficit in half. i think everybody understands we still have a lot more work to do to rebuild the middle class, but we have made progress and we shouldn't do anything to threaten that process. for they have made a difference to millions of americans and in part we can thank the extraordinary resilience of the american people, in part we can thank the dynamism of our businesses, but a lot of it has to do with the choices we've made as

all reports she was one of the key architects, one of the big three, you had bill dudley at the new york fed who was the permanent vice chaer, mr. bernanke, of course, the chairman of the committee and janet yellen. they were known as the big three doves. as long as they stuck together the policy was going remain easy. >> that's accurate. i think that's true. she's a big supporter of the policy. and i think she would say to you as she always does in very plain english, she would say unemployment is way higher than it should be, inflation is very low and there is a very strong case to be made for the policy the way it is. i'm just saying that she has a very simple equation in her head. by the way, she has written a very important paper, these very complicated equations that back up her feeling. >> i hope she gets backed up. last one, steve liesman, does janet yellen care about the dollar exchange rate? does she care about the exchange rate? >> i think that she does care about the dollar exchange rate, but i think she would disagree with you, as does i think, larry, no disrespect, the consensu

him thelson had with chairman of the fed, ben bernanke and the president of the new york fed, tim geithner. we also had the chairman of the securities exchange commission present and a couple of other officials. it was at that meeting that hank paulson asked the president for authority to go to congress to request what turned out to be outt $1 trillion in bail money for the banks. to use it for other assets but it was used to inject equity into a lot of trouble institutions. for a goodking thing solid republican president to be confronting is the treasury secretary coming in, saying, we need $700 billion or $800 billion immediately from congress in order to use that money to rescue banks that are failing. this was one occasion where the president made a decision on the spot. , what happensnke if we don't do this? bernanke being a scholar of the great depression and a very wise clearly very was frightened about the state of the financial system and he said, mr. president, we could be looking at circumstances similar to or worse than the great depression. said, thatnt then makes it easy. let

he -- hank paulsen had with him the chairman of the fed, ben bernanke and the president of the new york fed, tim geithner. we had the chairman of the exchange commission and the president and a couple of other officials. it was at that meeting that hank paulsen asked the president for authority to go to the congress and turned out the be almost a trillion dollars in bailout money for the banks. never gets used to buy up the assets but was used to inject equity into a lot of troubled institutions. and what a shocking thing for a good solid republican president to be confronting. we need $780 billion immediately from the congress in order to use that money to rescue banks that were failing and shore up the whole financial system. and this was one occasion where the president made a decision on the spot. he asked bernanke, what happens if we don't do this. bernanke being a scholar of the great depression and a very wise economic head, was clear ly ver frightened about the state of the financial system and he said, mr. president, we could be looking at circumstances similar to or worse than the

>> i bought these from the new york fed. they gave them to you. >> shepard: gave them?you have to give it back but you get if for three minutes. >> shepard: this thing right here, this thing right here, it has a lot of movement in it. >> the color changes as you change the direction of the bill, and it's all about counterfeiting, or stopping it. >> that's right this is the most counterfeited bill off the shores of the country and people copy this bill all the time. a little less than 1% of all bills are counterfeit so sometime in your life you have handled counterfeit money. >> shepard: i knew they all had cocaine on them but didn't know they were counterfeit. >> it's made out of linen and cotton, the combination. so this would be hard for you as a counterfeiter to fine this in the real world. they're spending 12.5 crepts -- 12.5 cents per pill, and these are mighty pretty, and the u.s. fed let us borrow us. these are sick lated through the banks -- circulated through the banks. it comes through the treasury,. >> shepard: get your hands ounce one of these, it feels like

in boston the boston fed saying it was concerned the shutdown could dampen consumer spending. new york an employment agency reporting they couldn't hire people because they couldn't do background checks. and chicago manufacturers were worried their consumers and customers confidence could take a hit. we have impacts already on the economy from this debate and because we don't have the data it will be some time before we know how much of an impact it was. >> often that people poo-poo the beige book, this time it's important because it's the first real piece of sort of economic data or report if you will because of the shutdown, right? >> the lack of data from the shutdown meant policymakers and investors are flying blind. any report we get is going to be critical at this point until they do the catch-up and know where the economy is. that's why this thing is important to us. >> oasis in the desert. >> secret ballot on the beige book, thumb up, down? >> i think it's a thumb sideways. we don't know what the impact is. growth slowed in four of 12 districts gets my attention but saying mode

and the new york fed is being sued by a former bank examiner who claims she was fired because of goldmaney interfered with her aminhe bank. she had criticized goldman for not having a complex in place. she claims her superior told her to change her findings and then was fired because she refused to do so. >>> how about and republicans, both sides are now saying they're having constructive meetings to end the government debt crisis. we'll have the latest from washington right after this. >>> white house and congressional staffers vg meeting through night trying to avert a u.s. debt default. cnbc's hampton pearson is in washington with the latest. hampton, what do we understand they're talking about? where is the movement? >> how are you doing, ross? these talks come after president obama met with house republican leaders for about 90 minutes at the white house thursday evening. now, both sides described that meeting as a good session. the president heard house speaker john boehner explain a proposal for a short-term extension of the debt ceiling, possibly for about six weeks. that would b

but, hank paulson, former treasury secretary at the time, tim geithner, former new york fed president three involved in the bailout. they have been deposed. we're waiting for those depositions. i will say this, wall street is eagerly waiting. adam: everybody wants to hear about that. >> what was rationale for the bailout. they're underoath. they're deposed by none other than than david boies, one of the best lawyers in the country. he is greenberg's lawyer. when i get my hands on this, it will be fascinating reading. adam: charlie thank you very much. lori: a day after the debt deal, let's look at the markets and how they're reacting. let's head to floor of the new york stock exchange and nicole petallides. you're reporting names that report earnings this afternoon. >> let's talk names we know well reporting after the bell. chipolte mexican grill up half a percent. google which right now is down 9.5 -- nine 1/2 dollars, a real winner. google at 928. there was talk whether it was going to 1,000. chipolte, shares hit all he time high at 44earlier this week. make sure at 4:00 p.m. show y

geno joins us, former executive vice president at the new york fed.e, u.s. chief economist with barclays. guys, good morning. >> good morning. >> dean, let me kick things off with you, because i think you summarized the mood of markets. you're looking for 200,000 on the jobs number, came in well shy of that, and as a result, you've pushed the taper call out to march. yes? >> that's right. we think that with the 143,000 average gain over the last three months, that's just not the kind of number the fed is looking for. we've heard fomc members200,000 job-growth numbers they want to see, and it looks like we won't get that soon. we're much more comfortable saying the fed is on hold, at least until march. >> geno, what this is now doing is spurring a conversation about whether quantitative easing can continue to work here. you look at some of the numbers on longer-term employment, the participation rate is not moving. is there a few that it's time for fiscal policy, if only it could take the reins here? >> so they have tried fiscal policy. remember in 200

new york. despite the fed staying steady on stimulus, u.s. markets drop across the board, and facebook reports phenomenal earnings, but the shares slipped in after- hours trading grid we will tell you why. ♪ >> it is 9:00 in washington. many other cities. we will look at china's banks. they have cash in on a big quarter in the third quarter. we will have the numbers plus in-depth analysis on the health of that sector. plus -- >> anyone who equates the rejection of keystone xl with some kind of body blow to the oilsands is just plain wrong. >> canada remains committed to developing its natural oils fans even as the debate rages in the u.s. over the extension of the keystone pipeline. in our latest special series, oilsands at a crossroads. that will be coming up in just a short bit. the top story is the u.s. federal reserve has decided to continue pumping liquidity into capital markets at a tune of 285 billion dollars a month. our correspondent here in washington is daniel wrenches and has been following the story. it wasn't big news, but there

it was no big surprise, janet yellen, current vice chairman of the fed is born and raised in brooklyn, new york, a professor at harvard who taught larry summers. she would be the first woman to chair the fed ever. expected to basically continue the policies of the current chair ben bernanke. yellen must still be approved, by the way, of the senate. >>> earning season kicked off with two big financials reporting, jpmorgan chase posted a loss, wells fargo came in ahead of estimates. both companies were short on revenue. >>> we've been washington disfunction for weeks. even though there are helpful signs today, it's having effects on the market and the economy. joining me to discuss it is ed lazear, senior fellow at the hoover institute and former chairman of the council of economic advisors under george w. bush. good to see you. thanks for joining us. treasury saying we will hit what the government can spend this upcoming week. now the white house is talking to senate and house republican leaders and at least trying to come to an agreement it sounds. there has certainly been a shift in tone. how

i'm del walters reporting live from new york, and a reminder that we i'll bring the fed chief news conferenceyou live. we want to tell you one thing about a story you might not see anywhere else. expect to see some heads on a california bicycle company that has led lights the founder says they came up with the lights to display different patterns when you ride. it's a story you have to see to believe. there it is. i'm del walters in new york as always the news is 24 hours a day on al jazeera and 24 hours a day on aljazeera.com.

treasuries can't be sustained and we hear of problems from, you know, as high a level as the fed president of new york, bill dudley, when he speaks to the potential problems going forward of adding to the fed's balance sheet. in our opinion they will shift at some point, january, february, march, to, you know, to putting the burden on the private market for qe purchases. in other words, the trillion that it fed is buying will be shifted to the private market because that's the only realistic way to do it, cap short rates through guidance ands the private market will buy three, fours and fives based on the guidance and ultimately support 10s and 30-year mortgage rates the ultimate problem or has been in the past few months. >> what's interesting, the dow and the s&p opened at near record highs this morning, bill, right. currently they're sitting at session lows, post-decision even though the decision is status quo. it's an interesting reaction, losing steam to the tune of nearly triple digits for the dow now. are you surprised that there was not any more slightly hawkish commentary to keep alive those

he had a laptop in his possessio possession new york senator charles schumer said he brought the website to the fed's attention. >> he was able to hide the website that he put together and the actual sales.

new york stock exchange. good morning. >> good morning, anne-marie. the fed acknowledged they will buy $85 billion a month in bonds to keep interest rates low and encourage borrowing and spending. some experts expect they'll slow the program by early next year. wall street reacted negatively to the fed's conclusion that they still need help. the dow tumbled nearly 62 points while the nasdaq shed almost 22. >>> after the closing bell facebook revealed its third quarter revenue grew by 60%. the social networking company earned $425 million compared to its $59 million loss for the same period in 2012. its stocked soared in after-hours trading. >>> asian stocks dipped after disappointing corporate earnings. tokyo's nikkei lost more than 1%. hong kong's hang seng slid half a percent. >>> social security benefit checks won't be going up much next year. as prices for consumer products remain relatively steady. the cost-of-living adjustment will be 1.5% next year or about $19 a month for the average retiree or disabled worker. >>> republican senator lindsey graham is

poll after poll, headline after headline pointing to a fed up public. the new york post calling this the u.s. of angry. americans finding little the to like headed into the 2014 midterms. gallup finds dysfunctional government surpasses economy as top u.s. problem. now a wallet street journal poll finds 60% of americans would kick every member of congress to the curb b if they could. that sentiment echoed on the streets of new york city when "the kelly file" asked folks from america to weigh in. >> i think it is e es a disgrac. i see soldiers coming home and their families aren't getting benefits. >> not to let the world war ii veterans or any veteran in. they gave their life, sweat and tears for the country. if that's the best this country has then the democrats ought to jump out of office. >> they are just we being selfish. not agreesing upon nothing and just thinking of themselves. >> i'm old. i am. i have been through from president kennedy's assassination to this. this is a mess . >> we are not what we used to be. i think the rest of the world probably looks at

fed history. the president talked about her working class new york roots today. >> she is a proven leader. and she's tough. not just because she's from brooklyn. >> the mandate of the federal reserve is to serve all the american people. and too many americans still can't find a job and worry how they'll pay their bills and provide for their families. >> yellen was one of the few voices in 2007 and expected to lea start with bernanke leads off. >>> we have a health alert about a popular supplement. the fda is telling people to stop taking it immediately, citing a possible link to liver failure. at least one person has died. the investigation has intensified. and abc's dr. richard besser is tracking it tonight. >> reporter: it's called oxyelite pro. 29 cases of hepatitis, a serious liver disease. two have needed a liver transplant and one is dead. 80% of those patients took it in the two months before they got sick. dr. sarah park is head of hawaii's department of health disease outbreak control, the state where the cases were found. >> they all took the dietary supplement. >> reporter: hepa

new york and a professor at harvard. she would be the first democrat to head the fed in 30 years and the first woman to head the fed ever. yellen must still be approved by the senate. earning season kicked off this week with two big financials reporting. jpmorgan posted a loss. wells fargo came ahead. both companies were short on revenue. >>> we've been watching washington dysfunction for weeks now. even though there's some hope for signs today it's been having an effect on the market and the economy. joining me is ed lazear. good to see you again. thanks for joining us. >> nigh ce to be here. >> the treasury saying we'll hit the limit of what the government can spend on thursday. now the white house is talking to senate and house republican leaders and trying to come to an agreement, it sounds. there's been a shift in tone. how do you think this ends? would serious would a breech be, by the way? >> a breech would be quite serious. i don't think we're going to default on our debt. this is a different story from the government shutdown. we're talking about something like 5% of gdp or 20% of the government expenditure has

feds another $19 million is on its way. this is the brunt here. and new jersey and new yorkerwhelming local governments cannot keep up with the inspection and permitting. don back to you. >> thank you. >>> coming up next -- the busiest place in your house is the one you want to be the cleanest. but using bleach leaves some stains behind. as this dye reveals. lysol toilet bowl cleaner does more. it removes the tough stains that bleach doesn't and it also disinfects. that's healthing. >>> good morning, gayle, good morning, charlie, good morning, everyone. it is 8:00 a.m. welcome back to "cbs this morning." under the new health care law, millions of americans will pay more for insurance. jill schlesinger looks at how prices will affect families and the future of our economy. >>> it's no illusion mirrors are bringing light to a dark corner of norway. we'll visit a town that's waking up to a new dawn. >>> and neighbors say a hot sauce factory is bringing them nothing but pain. only on "cbs this morning," an inside look at the home of sriracha. but first this morning's "eye opener

. >> the feds arresting a guy in new york saying tried to join al quite and commit murders overseas. the 25-year-old suspect lived on long island. this is a graduation photo of him from a while back. the arrest went down today at the suspect's home in the town of brentwood on long island. i can push the wrong button. now we have the prison back. the toys are fun when they work. this is about exit 55 on the long island expressway, less than an hour from manhattan, floaters say the suspect flew to london to get to yemen to go al. but british officials stopped him and send him back. hey say his computer was filled with terrorist propaganda, including articles titled, why did i choose al qaeda, and what to expect in jihad. we're also learning learning ofw threat to americans overseas. intelligence sources confirm that jihadists or extremists are calling for the kidnapping of citizens, in retaliation for the capture of this man, abu anas al-libi. al-libi has been under indictment for ten years, connected to the bombings in kenya and tanzania in 1998. he is now in new york awaiting trial o

minneapolis fed president, fed governor, new york's bill dudley, dallas richard fisher and richmond's and joining us today, julia coranado. nice to see you. the nonjobs friday, julia. what are we supposed to do? how are we going to work out what's happening with the economy? >> well, we get a new pieces of private sector data here and there. but, yeah, you're asking an economist. i think what we're hearing from fed speakers is that this is one of the reasons they decided to be cautious without data to at that time temperature of the economy, they're likely to continue to be cautious. >> yeah, so if we vus price ourselvour just price ourselves off the political chat. the fed is out of game, they keep buying, so we just assume that's going to happen.chat. the fed is out of game, they keep buying, so we just assume that's going to happen. >> and now we focus on the debt ceiling and how far the politicians in d.c. will push the game. it's gone farther than we had thought it would. and there is pretty much a stalemate in washington. we don't think we'll default on government debt, but ther

utah, colorado and south dakota also coming to similar agreements with the feds and so has new york state. starting tomorrow, it will reopen lady liberty to visitors once again. >>> a stalemate in washington, d.c. now posing a danger to job security for lawmakers. we're going to discuss the gridlock and the public's growing anger with congressman h louie golmert later on. >>> we've seen major technical problems since the rollout of the obama care website. consumers hoping to sign up for the health care exchanges have been met with glitches and backedup web traffic. the obama administration says it's working to make improvements but now it seems the problem may be going beyond the initial registration process. molly hindenburg live now from washington. what's going on? >> now the insurance companies are having problems getting accurate reports from the health care.gov website. these companies aren't sure who signing up, for what and when. for example, according to "the washington post," blue cross blue shield in one state says it's gotten multiple reports with erroneous information on the

new york. when the federal hiatus is removed, if the fed extended their ban on the state taxing internet sales,it is unlawful in illinois, but lawful in new york because no state will be able to collect it. ashley: will this all eventually end up in front of the supreme court? the amount of people who do work in the internet, will they take it up? >> if and when the congress lifts the hiatus. you have a federal issue. can the states tax and events that doesn't occur in their state? and you have different interpretations of that in question, different answers to it in different part of the countries is an indication the supreme court will probably rule. if the federal hiatus were lifted, amazon in kentucky sending a book to you in new york or your cousin in chicago would collect a new york tax and remitted to new york and an illinois tax and remitted to illinois. rather than have 50 different tax rules, the court probably will weigh in. the march of history is toward taxing almost everything. with respect to state taxes, the federal rule, the supreme court rule has been there there must be a sub

new york stock exchange. first of all, talk about what the fed moved, i can say they moved interest rates up a little bit andd housing stocks down, right? >> yeah the 10-year at 2.527 and we saw homebuilders move lower, sharply lower. ryland down 4%. kb home, hovnanian, red arrows. liz: that was earnings reporting after the bell. >> that was questioned. down 9%. revenue for current quarter below forecast. linked in was a big loser. david: apple, my favorite stock. i'm a slight shareholder of apple. it bucked the trend. >> it bucked the trend but not the tide that could lift all boats. part of the nasdaq and broader market. it was up but stocks overall down. liz: facebook, starbucks and kraft are set to report earnings. still the stocks going into the close. [closing bell ringing] bells are ringing on wall street. david: they are indeed. looks like we have a down market today. it was flat-lining before the fed came out with the decision. this is not a huge loss. nothing terribly unexpected. although there was a slight improvement in the sentiment. a lot of people were thinking the fed would say because of all

predicted the collapse of the subprime market, has been a vocal critic of former fed chairman alan greenspan. in a new yorkes op-ed page piece in april of 2010, burry rejected greenspan's claim that everybody missed it in regards to forecasting the financial meltdown. burry wrote that greenspan, "should have seen what was coming and offered a sober, apolitical warning. everyone would have listened. when he talked about the economy, the whole world hung on every single word." [ticking] coming up, the housing math of strategic default. >> you could afford to stay here, correct? >> i could, yeah. it's almost like the "in" thing to do right now, it seems like. >> walking away when your home is underwater, next when 60 minutes on cnbc returns. when you have diabetes like i do, you want a way to help minimize blood sugar spikes. support heart health. and your immune system. now there's new glucerna advance with three benefits in one. [ male announcer ] new glucerna advance. from the brand doctors recommend most. [ passenger ] airport, please.nks ] what airline? united. [ indian accent ] which airline, sir? [ pas

he had a laptop in his possessio possession new york senator charles schumer said he brought the website to the fed's attention. >> he was able to hide the website that he put together and the actual sales. >> according to court documents, he used the website as a black market bazaar to sell everything from high quality heroin to marijuana. all the transactions had to be paid with bit coins, an electronic currency designed to be anonymous as cash. documents say he made millions in commission. this professor teaches cyberlaw at the university of san francisco. >> because of the technology, this guy was able to hide what he was doing and make it hard for the authorities to mind him. and bit coin allows you to hide what you're doing. unlike a credit card, it's untraceable. >> reporter: the fbi was able to trace his alleged activities to san francisco. they said he ran silk road from an apartment where he was staying on hickory street and from an internet cafe not far from his home. he will be back here in federal court on friday for a hearing. reporting live in san francisco, i'm cheryl herd, nbc bay ar

i read "the new york times" sunday with this big story about the fed seeking to raise inflation and i believe -- i believe under janet yellin, just continuing ben bernanke, i call her the empress of doves that they would like to see an inflation rate of somewhere around 3% to 5% like guys like paul drugman have been advocating for years. so far it hasn't happened, but with i think that's the fed's policy. >> you can imagine how bad inflation might be if the official numbers were 4% or 5% because i think it's already higher than that and the main reason it's not even higher is because we've been able to export that inflation abroad. when you go back to this fed statement the fed doesn't mention taper. it says adjust monetary policy. adjustment doesn't imply a direction. i think what the fed is getting ready to do is increase the amount of qe not diminish it it. >> andy bush, consumer price index is slowing down. twhafs today? a year on year, 1.2% and something like that. it's an odd thing that the reserves the fed has printed has not yet been converted into the money supply hence causi

needs the battle to fight legal battles where the feds say she used campaign funds to pay rent and electricity bills. >>> and hillary clinton was in new yorkwhen somebody in the crowd began to yell "benghazi, you let them die." >> we have to be willing to come together as citizens to focus on the kind of future we want, which doesn't include yelling, it includes sitting down and talking with one another. >> on the flip side, billionaire george soros is going to bat for hilary and giving money for her. >>> the 43rd president has made a donation to a candidate outside texas since leaving office. >>> and forest whitaker has been given the go ahead from colin powell. he has been casts to play him. he said whitaker is a great actor, but so is denzel washingtons. i wonder if that's a hint? that's your dish of scrambled politics. now, joining me, political reporter, kevin. >> thank you for having me. >> the "washington post" has an opinion piece on why the gop needs to stop being so negative. could that really be the answer to some of the negative opinion polls, the idea of both parties actually working together? >> the poll that i found remarkab